a. The changes in account balances of the Samson Corporation during the year are presented below: Assets $356,000 Liabilities 108,000 Capital stock 240,000 Additional...

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Accounting

a. The changes in account balances of the Samson Corporationduring the year are presented below:

Assets                                       $356,000
Liabilities                                   108,000
Capitalstock                              240,000
Additional paid-incapital            24,000

Assuming there are no charges to retained earnings other than for adividend payment of $52,000, the net income for the year, shouldbe
$16,000
$36,000
$52,000
$68,000
b. Which of the following is not a discontinued account in theincome statement?
Extraordinary account
Unusual or in frequent account
Income from discontinued business
Impact of accounting changes
c. United Airlines’ 2016 balance sheet reported the following(in millions)

Total Assets              $40,091
Total Liabilities            31,485
Contributed Capital      3,573

What was United Airlines’ total liabilities and stockholders’equity at December 31, 2016?
$36,518 million
$40,091 million
$35,058 million
$8,606million

Answer & Explanation Solved by verified expert

3.8 Ratings (405 Votes)

AIn the given question we need to calculated the profit we knowthat Assets Liabilities Owners equity Further owners equityincludes Retailed earnings till prior yearscurrent years profitHence the current years profit will get impacted by the change inAsset or liabilities to make the balance sheet equal Supposethere is an increase in Asset by 100 and no change in liabilitiesand capital there must See Answer

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		Extraordinary account
		Unusual or in frequent account
		Income from discontinued business
		Impact of accounting changes